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| A Monthly Journal for Venture Partners and Enterprise Software Executives |
| December 2003 |
In This Issue
Special Message from Angel Mehta, Sterling-Hoffman
Venture Profile: Aneel Bhusri, Greylock
CEO Spotlight: Peter Gyenes, Ascential Software
Directors of Financially Troubled Companies Beware
Budgeting Trends for Information Security
Software M&A - Fall Deals
Executive Job Listings
Software Sales Jobs
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Hiring Software Sales People is EASY (and cheap).
Does your HR Manager know about SoftwareSalesJobs.com? If not, your company is at a serious disadvantage. Every major software company is using SoftwareSalesJobs.com to hire world class software sales professionals.
Visit: www.SoftwareSalesJobs.com for more information or to request a demo.
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Special Message from Angel Mehta, Sterling-Hoffman
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Dear Friends,
I wanted to take an opportunity to wish all of you an enjoyable holiday
season and Happy New Year. This will be the final edition of the
Sterling Report for 2003 and we look forward to connecting with you
again in the new year.
I would also like to ask all of you for story ideas in 2004. In
particular, we are exploring a few themes that I would appreciate your
assistance with:
1) Do you know an entrepreneur that started out with a business plan
that defied traditional wisdom from experienced venture capital
investors, and still ended up building a successful business? Success
DOES NOT have to mean a billion dollar liquidity event.
2) Do you know a management team that experimented with a tactic that
should NOT have worked, but did anyway?
We would love referrals to people in the industry that are willing to
share their stories with us. And of course, we welcome article
submissions. Please send your responses to:
newsletter@sterlinghoffman.com
Happy Holidays,
Angel Mehta
Managing Director
Sterling-Hoffman Executive Search
'Building Software Companies...One Leader at a Time.'
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Venture Profile: Aneel Bhusri, Greylock
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By Angel Mehta, Managing Director, Sterling-Hoffman Executive Search
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After leaving Morgan Stanley, Aneel Bhusri joined PeopleSoft in an entry-level position and found himself working for none other than legendary entrepreneur, Dave Duffield. By the time Bhusri joined Greylock, he had become PeopleSoft's Vice Chairman. Angel Mehta, Managing Director at Sterling-Hoffman, talks to Greylock's Aneel Bhusri about why he avoids celebrity CEO's, and the myth of the billion dollar startup.
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Read full article >>
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CEO Spotlight: Peter Gyenes, Ascential Software
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By Angel Mehta, Managing Director, Sterling-Hoffman Executive Search
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Improving market conditions, a series of regulatory acts, and plain old fashioned hard work have helped Ascential Software post record revenues and profitability in 2003. Angel Mehta, Managing Director at Sterling-Hoffman, recently spoke with the company's CEO, Peter Gyenes about lessons from the Informix-Ardent merger, winning in the hyper-competitive market for integration software, and integrating the needs of a family with the responsibilities of a leader.
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Read full article >>
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Directors of Financially Troubled Companies Beware
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By William Gehrke, Senior Partner, Hale and Dorr LLP
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So you are a member of the board of directors of an enterprise software company that is encountering financial difficulties. You are concerned about your company but also about your own legal duties and risks as a director. Do you think you are protected from liability if you act solely in the best interests of your company's stockholders? Think again.
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Read full article >>
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Budgeting Trends for Information Security
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By the PricewaterhouseCoopers "Trendsetter Barometer" team
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Nearly half of fast growth companies suffered information breaches or business espionage over the past 12 - 24 months, despite beefed-up precautions since 9/11. PricewaterhouseCoopers' "Trendsetter Barometer" interviewed CEOs of 402 privately held product and service companies identified in the media as the fastest growing U.S. businesses over the last five years. The surveyed companies range in size from approximately $5 million to $150 million in revenue/sales.
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Read full article >>
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Software M&A - Fall Deals
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By Ken Bender, Managing Director, and Allen Cinzori, Associate, Software Equity Group
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M&A transactions highlighted in this issue are characterized by very healthy multiples (some might even say inflated), as strategic buyers sought to extend their product lines (Macromedia), expand into entirely new product categories (EMC), eliminate competition (Open Text) and add sexy new technology to differentiate their offerings (Symantec). These transactions are representative of those buyer motives driving most software industry mergers and acquisitions in 2H '03.
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Read full article >>
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Executive Job Listings
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| 8412M - Vice President of Sales |
Bay Area |
A privately held applications software company with premier venture backing requires a VP of Sales that understands how to drive early customer traction. A track record of sales management within a market leading supply chain vendor (i.e. Manugistics, i2, BAAN) and successful early stage company experience, defined as growth from $0-40m+, are key requirements.
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| 7667M - Vice President of Sales |
East Coast |
Early stage Front Office software vendor looking to acquire a high-performance VP of Sales with at least 10 years of enterprise sales experience. Demonstrable track record of building scalable sales infrastructure for a company of at least $50m in revenue is a must as is a background in selling major applications, preferably CRM/SFA.
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| 8665A - Vice President of Enterprise Sales |
Southern California |
To be considered for this $30m document management / workflow automation software company, candidates must meet the following criteria: 1) Track record in sales management within the workflow automation / business process automation market segment, 2) Experience growing early stage software company from $5m level to $35m in revenues, 3) Intimate knowledge of enterprise, C-level solution selling methodology. Strong knowledge of any of the following verticals is a major asset: Insurance / Financial Services, Pharmaceuticals, Government (DOD).
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| 6700A - Vice President of Worldwide Sales |
West Coast |
Candidate must have at least 10 years of enterprise applications sales experience, prefereably within front office segment. Ideal candidate will have served as VP of Sales in past, managed at least $75m revenue unit for period of 3+ years, and have at least one successful tenure at market leading ISV such as: Documentum, Siebel, SAP, Oracle, PeopleSoft, I2, etc. Candidates should be willing to travel 4 out of 5 days per week for at least 12 months, or relocate to state of California.
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| 8871A - Vice President of Sales |
West Coast |
Candidate must have successful track record of sales management within market leading supply chain software vendor (Manugstics, i2, BAAN, etc.) and have led a North American sales organization of at least $50m in revenue. Candidates absolutely must have 3+ years experience in an early stage environment. Must have a track record of winning large deals on behalf of a start-up, selling against market leaders in the category.
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| 7114C - Vice President of Sales |
USA (anywhere) |
CRM Company looking for strong CRM candidate that can build the company from its present $6M in revenue to $20M in 2 years. Must have a strong track record of success.
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To apply for any of the above openings, please send one email to jobs@sterlinghoffman.com. Please include full job titles.
Note: We appreciate all submissions, but only qualified executives will be contacted.
All senior sales executives are encouraged to post resumes on www.SoftwareSalesJobs.com
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